The ATO has released its quarterly SMSF statistical report for June 2014. According to the report, there are estimated to be more than 534,000 SMSFs with total assets of $557bn, an increase of 6 and 12.5% respectively since June 2013. The ATO has provided an explanation concerning its revised approach to collecting data relating to assets held by SMSFs under limited recourse borrowing arrangements (LRBAs). Under its new approach to SMSF data collection, the ATO estimated assets held under LRBAs have grown to $8.7bn as at June 2014.
[LTN 175, 10/9/14]